Taiwanese electronics companies head to New York for listings

SEC filings by Taiwan''s UMC and ASE earlier this week signal an onslaught of overseas equity offerings from the Island Republic this autumn.

Both companies are hoping to list on the New York Stock Exchange following the pioneering example of Taiwan Semiconductor Manufacturing Company's TSMC which became the first and only Taiwanese company to do so back in October 1997.

Of the two, IC foundry producer UMC United Microelectronics Corp will be particularly closely watched since the company is hoping to use its $1.2 billion equity offering as a springboard to broaden its investor base and further closer the gap between itself and rival TSMC. With Morgan Stanley as lead manager, pre-marketing of a 450 million new share deal is already under way following the company's SEC filing on...

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